What have you learned about your product or service in this unit? How did you learn it? What went well and what would you want to improve in the future? How did you give and receive feedback?

 While I strongly believe that the service that I wanted to engage into a venture is relevant and profitable especially now that we are slowly moving on from the pandemic, I also found out that it is not yet ready. The reason why I believe it is not yet ready is because the valuation of the business is not yet enticing to investors. It is very important that we attract investors to provide additional capital to the business for it to grow and operate across the country.

The idea of how the business will be structured and formed as an entity, as well as, the idea of how it will be marketed has gone smooth as planned with the help of the lessons learned from this unit and from the past units; the main challenge is when and how the business will be launched and the plans will materialize because of the capital. Working on financial aspect of the business is one of the things that I should be working on moving forward to ensure that the business will be launched sooner.

When I provide feedback, I always make sure that I am ready and the feedback is organized. I always start with setting the scene, making the receiver of the feedback feel at ease. And then, I transition to discussing great things or behaviors observed, praise the receiver and remind to be consistent with it. After that, I now then provide at least two opportunities, this is to let the receiver choose which of the opportunities is important and needed urgent attention. Once the focus opportunity is identified, I discuss possible recommendation and actions to address the problem before getting the receiver’s commitment on working on the problem following the SMART action plan.

Receiving feedback is very important, it is one way of knowing what have we done wrong and how we can work on it. When receiving feedback, I always look for good things followed by opportunities that I need to improve on. If feedback is straightforward without noticing good behaviors, I tend to think that nothing has been done correct and that I need to reflect on everything that I do and how I can change it. But that is time consuming and challenging because we don’t know what is right as we are thinking that everything is wrong, and so, we need to improve everything including those good things that was not noticed or discussed.

Reference:

Robbins, S. (2004). How to Value a Business: 9 Ways to Calculate a Business's Worth. Entrepreneur. https://www.entrepreneur.com/growing-a-business/how-to-value-a-business-entreprenurcom/66442